The BC Supreme Court yesterday approved a plan that transfers all assets of former technology darling Day4 Energy to a numbered company, to be controlled by CEO and president George Rubin and executive vice-president Douglas Keast.
Shareholders at the company, which has since been delisted from the Toronto Stock Exchange, approved the transfer June 27.
Under the agreement, shareholders get $500,000 for stock that is nearly worthless. The company’s stock was trading at $0.01 per share before the shareholder vote. The numbered company, 0941212 B.C. Ltd., gets both assets and liabilities.
Although the solar-energy sector has been struggling for the past few years, Day4 assets may yet have value.
Investors have recently taken a shine to First Solar (Nasdaq:FSLR), which dubs itself the world’s largest provider of utility-scale photovoltaic power plants. Earlier this month, First Solar beat both earnings and sales expectations, and the company boosted its guidance.
First Solar shares traded above US$300 in 2008 and slumped to a low of US$11.43 in June. Shares closed at US$22.46 on August 20.
